What exactly is Helvetia changing in 2026?

The group will retire the Baloise brand and operate under one Helvetia label. Accounting rules then require amortizing the Baloise brand intangible, creating a CHF 1.0–1.1 billion non-cash expense in 2026. Operations, products, and customer contracts continue, but reported profit will look lower for that year.

Is the CHF 1.1B amortization cash or a real loss?

It is a non-cash IFRS amortization of an intangible asset. No money leaves the company because of this entry. The expense reduces 2026 reported profit, but it does not change cash flows, policies in force, or day-to-day operations.

How should investors read Helvetia’s 2026 results?

Focus on the bridge from reported to underlying profit. Check operating profit, adjusted EPS, ROE, and cash metrics. Look for details on the final amortization amount, tax effects, and the lower amortization run-rate from 2027, which should improve earnings quality going forward.

Will dividends or solvency be affected by the change?

The charge is accounting-only, so operating cash flows are unchanged. Dividend and solvency policies depend on management guidance and regulatory requirements. Investors should wait for official statements alongside 2026 results to understand any implications for payout levels or capital buffers.

Global Market Insights

February 5: Helvetia Books CHF1.1B Brand Hit as Baloise Name Ends

ByDanny Kontos February 5, 2026February 5, 2026

Helvetia will drop the Baloise name in 2026 and record a CHF 1.0–1.1 billion non-cash IFRS amortization tied to the brand. The shift follows the Helvetia Baloise merger and moves all customer touchpoints to one label. For Swiss investors, the charge will depress reported profit in 2026 but not cash. From 2027, lower amortization should support clearer results and a cleaner view of core earnings. We explain what this means for guidance, valuation, and what to watch in disclosures.